Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Did a "2nd French jihadist" really appear in jihadist video?

Read more

DEBATE

Al-Sisi's Egypt: Is the Crackdown Justified?

Read more

THE BUSINESS INTERVIEW

'Consult-Station', the world's first telehealth booth

Read more

THE BUSINESS INTERVIEW

Talal Abu Gazaleh, the "Godfather of Arab accounting"

Read more

FOCUS

Little support in Iran for nuclear negotiations with West

Read more

ENCORE!

Pierre Cardin's new Paris museum

Read more

INSIDE THE AMERICAS

Obama to take executive action on immigration

Read more

MEDIAWATCH

Probe into 'second French jihadist'

Read more

IN THE PAPERS

Forget bony, perky and perfect Barbie. Meet 'normal Barbie'!

Read more

Unemployment comes knocking in Villacanas

Video by Adeline PERCEPT

Text by FRANCE 24

Latest update : 2008-10-25

The door construction industry in Villacanas, flourishing until recently, has been hit hard by the bursting of the Spanish property bubble and the ensuing financial crisis. Factories are closing, and unemployment is spiralling.

At the height of the boom in Spain's housing sector, the little town of Villacanas produced 70% of doors made with Spanish wood. In 2006, the local factories employed 5,600 people.

But since then, the property bubble has burst and the shockwaves of the international financial crisis are beginning to be felt in Villacanas. As a consequence, 1,800 people have been laid off.

“What's going on here is no more, and no less than the consequences of what has happened in a globalised world”, admits Lorenzo Fernandez, a local pensioner. To be able to keep making doors, companies need bank loans. “The banks have cut off the flow of guaranteed short-term loans”, deplores Santiago Garcia-Aranda, the mayor of Villacanas. And local business people fear the worst may be still to come.

 

To watch the report, click on the video at the top of the page.

Date created : 2008-10-25

COMMENT(S)